Africa is definitely home to thriving economies and this extensive and detailed report released by AfrAsia Bank buttresses the fact.
The AfrAsia Bank Africa Wealth Report 2018 covers areas including wealth, prime property as well as wealth management trends from 2007 to 2017 with forecasts to 2027.
In reviewing and ranking the wealthiest cities on the continent, AfrAsia Bank based their metrics on total wealth held. Total wealth, according to AfrAsia Bank refers to the wealth (property, cash, equities, business interests) held by people residing in the cities. Government funds were omitted from the report.
10. Accra, Ghana.
Total Wealth: $38 billion
Major Sectors: Basic materials, manufacturing and financial services.
9. Casablanca, Morocco — Photo Credit: moroccoworldnews.com
Total Wealth: $42 billion
Major Sectors: Basic materials, manufacturing and financial services.
8. Pretoria, South Africa
Total Wealth: $48 billion
Major Sectors: Basic materials, manufacturing and financial services.
7. Luanda, Angola
Total Wealth: $49 billion
Major Sectors: Real estate & construction, transport and basic materials (oil & gas).
6. Nairobi, Kenya — Photo Credit: bermudahotelnairobi.com
Total Wealth: $54 billion
Major Sectors: Financial services, real estate & construction, retail, tourism, Fast Moving Consumer Goods (FMCG), telecoms and basic materials.
5. Durban, South Africa — Photo Credit: 100resilientcities.org
Figures for Durban cover Umhlanga, Ballito, Zimbali and La Lucia.
Total Wealth: $55 billion
Major Sectors: Real estate, finance, healthcare, construction, retail and transport.
4. Lagos, Nigeria — Photo Credit: africa.com
Total Wealth: $108 billion
Major Sectors: Basic materials, real estate & construction, telecoms, transport and financial services.
3. Cairo, Egypt — Photo Credit: Siemens.com
Total Wealth: $140 billion
Major Sectors: Real estate & construction, financial services and basic materials.
2. Cape Town, South Africa — Photo Credit: azamaraclubcruises.com
Total Wealth: $155 billion
Major Sectors: Real estate, financial services (fund management), retail and tourism.
1. Johannesburg, South Africa — Photo Credit: travelandleisure.com
At number one, figures for Johannesburg cover Sandton.
Major Sectors: Financial services (banks), professional services (law firms, consultancies), construction, telecoms and basic materials.
